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Variation of Elasticity along a Demand Curve

Who Developed...

Question

Who Developed The Concept Of Elasticity Of Demand?

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Solution

Alfred Marshall developed the concept of elasticity of demand.

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Q. Answer the following questions :

Explain the concept of Elasticity of Demand.

Q. Define or explain the following concepts:

1. Cross Elasticity of Demand

2. Unitary Elastic Demand

3. Income Elasticity of Demand

4. Elastic Demand

Q. Answer the following questions :

Explain the importance of concept of Elasticity of Demand for international trade.

Q. Give reasons or explain the following statements:

1. Demand for necessaries is inelastic.

2. Demand for habitual goods is inelastic.

3. Concept of Elasticity of Demand helps trade union leaders.

4. Demand for commodity having multiple uses has elastic demand.

5. Demand for goods having snob appeal has elastic demand.

Q. The concept of elasticity of demand is associated with the name of _______.

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Variation of Elasticity along a Demand Curve

Standard XI Economics

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